Telos Corporation

TLS Technology Software Infrastructure

Telos Corporation’s revenue for fiscal 2025 (year ended December 2025) was $164.8 million, up 52.2% from fiscal 2024. In the quarter to June 2026, revenue grew 32.7%, EPS grew 107.7%, free cash flow grew 43.0% and total debt fell 31.8%, each against the same quarter a year earlier.

4.03 0.24 −5.62%
Market cap
$319.1M
P/E
0.0×
Fwd P/E
−34.2×
Dividend yield
—
F-score
6/9
Altman Z
2.17
Beneish M
−4.97
Dividend safety
n/a

Insider Decisions trades per month

Total sells 9.80
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 3 — — 2 — 2 3 — 2 5 —
Insider Ownership 29.88%

Capital & Financial Ratios $m

Market Cap 319.13
Revenue 193.71
Net Income (15.74)
Free Cash Flow 25.87
Net Debt (46.11)
Current Ratio 2.38 (at or above 1.5: strong)
Debt/Equity 0.05 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (34.20) (negative: loss-making)
P/S ratio 1.56
P/B ratio 3.23
Past 5Y EPS Growth —
This Y EPS Growth 73.33% (at or above 15%: strong)
Next Y EPS Growth 43.16% (at or above 15%: strong)
Next Y revenue growth 16.14% (at or above 10%: strong)
Next 5Y EPS Growth 62.48% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 17.87%
10-year low 10-year high
P/B against its own 10 years 54.16%
10-year low 10-year high
EV/Sales against its own 10 years 27.11%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 99 55 53 51
Receivables 30 19 17 18
Inventory 1 2 — 5
Other 1 3 4 2
140 91 94 97
2023 2024 2025 Q'26
Payables 14 1 4 6
ST’ Debt — — — —
Other 9 7 11 17
39 22 37 41

Compound Annual Growth %

10y 5y 3y
Sales — (1.74%) (8.75%)
Cash Flow — 0.00% 22.28%
Earnings — 0.00% 0.00%
Book Value — (5.47%) (17.74%)

Revenue $m

Mar Jun Sep Dec Year
’26 48 48 — — —
’25 31 36 51 47 165
’24 30 28 24 26 108
’23 35 33 36 41 145
’22 50 56 64 47 217
’21 56 54 69 64 242
’20 39 49 47 45 180
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 9 9 — — —
’25 6 7 9 8 30
’24 0 (8) (7) (11) (26)
’23 0 (4) 1 5 2
’22 0 8 12 (4) 17
’21 (7) 4 13 (2) 7
’20 2 (1) 11 (14) (2)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 6 7 — — —
’25 4 5 7 6 21
’24 (4) (11) (10) (15) (40)
’23 (4) (9) (3) 2 (14)
’22 (3) 5 8 (8) 3
’21 (10) 1 9 (7) (6)
’20 0 (3) 9 (15) (10)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.03 0.01 — — —
’25 (0.12) (0.13) (0.03) (0.22) (0.50)
’24 (0.10) (0.11) (0.39) (0.13) (0.73)
’23 (0.16) (0.12) (0.12) (0.10) (0.50)
’22 (0.22) (0.18) (0.11) (0.21) (0.79)
’21 (0.23) (0.28) (0.08) (0.08) (0.65)
’20 (0.04) 0.08 0.06 0.08 0.04
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — 18.08 14.43 3.35 1.53 1.89 1.83

Analyst estimates 2026–2028

Powerpack
High — — — — 33.03 41.84 16.15 5.36 5.03 8.36
People
People Employees — — — — 785 849 738 619 519 525
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.23 0.29 0.29 0.23 0.21 0.31
Income, $m
Income, $m Revenue 135 108 138 159 180 242 217 145 108 165
Gross margin, % 32.21 37.66 38.45 32.88 34.69 35.49 36.44 36.42 31.80 37.02
EBT (3) (6) 2 (2) 7 (43) (53) (34) (52) (37)
EBT margin, % (2.47) (5.82) 1.28 (1.41) 3.78 (17.80) (24.61) (23.65) (48.48) (22.58)
Net income (7) 0 2 (2) 7 (43) (53) (34) (53) (37)
Depreciation 3 2 3 5 6 6 6 9 12 26
Per share, $
Per share, $ Revenue 2.08 1.67 3.75 4.22 4.32 3.65 3.21 2.10 1.51 2.26
Earnings (0.11) (0.09) 0.05 (0.06) 0.04 (0.65) (0.79) (0.50) (0.73) (0.50)
Cash flow 0.21 (0.01) 0.17 0.31 (0.05) 0.11 0.24 0.02 (0.36) 0.41
Capex 0.00 0.00 (0.11) (0.17) (0.18) (0.20) (0.20) (0.22) (0.19) (0.12)
Free cash flow 0.21 (0.01) 0.06 0.14 (0.23) (0.09) 0.04 (0.20) (0.55) 0.29
Book value (2.04) (2.12) 0.00 (3.62) 3.05 2.72 2.55 2.30 1.77 1.32
Shares, m 65 65 37 38 42 66 68 69 72 73
Valuation, ×
Valuation, × P/E 367.57 367.57 367.57 367.57 178.08 0.00 0.00 0.00 0.00 0.00
P/S 4.36 4.36 4.36 4.36 7.63 4.22 1.62 1.94 2.27 2.26
P/B 0.00 0.00 0.00 0.00 10.81 5.68 2.03 1.77 1.93 3.87
EV/Sales 4.49 4.49 4.49 4.49 7.22 3.82 1.20 1.44 1.99 2.07
EV/FCF 56.15 56.15 56.15 56.15 (135.76) (156.88) 92.98 (15.05) (5.43) 16.04
Cash, $m
Cash, $m Operating cash flow 14 (1) 6 12 (2) 7 17 2 (26) 30
Capex (1) (2) (4) (7) (7) (13) (14) (15) (14) (9)
Free cash flow 14 (1) 2 5 (10) (6) 3 (14) (40) 21
Balance, $m
Balance, $m Working capital (9) (6) 2 3 105 141 122 101 69 58
Total debt 153 164 166 35 14 13 11 10 8 6
Net debt 152 163 166 28 (92) (114) (108) (90) (47) (48)
Shareholders’ equity (132) (137) — (137) 127 180 172 159 127 96
Returns, %
Returns, % ROA (10.24) (19.31) 0.00 (9.27) 1.29 (20.07) (22.10) (15.43) (28.63) (24.52)
ROIC 0.00 0.00 3.40 0.00 0.52 (38.95) (52.34) (36.38) (43.54) (51.52)
ROE 5.33 4.33 1.21 4.72 (35.45) (28.07) (30.30) (20.78) (36.71) (32.76)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Telos Corporation vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
QIWI QIWI PLC $355.6M 9.1× 3.3× −360.74% (below 0%: shrinking) n/m −94.56% (below 0%: shrinking) 51.39% 24.46% Compare
NUAI New Era Energy & Digital, Inc. $354.9M — (loss-making) — −82.54% (below 0%: shrinking) n/m −399.88% (below 0%: shrinking) 100.00% (46,250.68%) Compare
AIOT PowerFleet, Inc. $334.2M — (loss-making) 53.6× +6.41% (above 0%: growing) n/m +92.55% (above 0%: growing) 55.20% 0.24% Compare
SUPX SuperX AI Technology Limited $325.4M — — — — −135,337.38% (below 0%: shrinking) — — Compare
IMXI INTERNATIONAL MONEY EXPRESS, INC. $319.6M 16.4× 29.3× −18.60% (below 0%: shrinking) −62.16% (below 0%: shrinking) +203.48% (above 0%: growing) 20.76% 6.67% Compare
TLS Telos Corporation $319.1M — (loss-making) — (loss-making) +32.74% (above 0%: growing) n/m +42.95% (above 0%: growing) 34.96% 0.65%
KDK Kodiak AI, Inc. $319.0M — (loss-making) — +595.63% (above 0%: growing) n/m −60.60% (below 0%: shrinking) 100.00% (1,248.27%) Compare
XNET Xunlei Limited $295.8M — (loss-making) — +38.73% (above 0%: growing) n/m +309.97% (above 0%: growing) 56.13% (4.67%) Compare
PSFE Paysafe Limited $295.5M — (loss-making) — (loss-making) +4.49% (above 0%: growing) n/m −148.29% (below 0%: shrinking) 54.48% (2.84%) Compare
Median of peers $322.5M — 29.3× +4.49% — −77.58% 55.20% (2.84%)

All 173 Software Infrastructure stocks →

Telos Corporation (TLS) key facts

  • Strength: Telos Corporation’s revenue for fiscal 2025 (year ended December 2025) was $164.8 million, up 52.2% from fiscal 2024.
  • Telos Corporation (TLS) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, TLS traded at $4.03, a market capitalization of $319.1 million.
  • Return on equity was −32.8% and debt-to-equity 0.05.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.17 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Telos Corporation (TLS) Latest News

17 Aug

Impact 4 · transcript
stockrow.com/TLS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com